first time home buyer nc guide: what to expect in your search

Understanding the process

Buying your first North Carolina home blends opportunity with a few new steps. Most timelines run 30–45 days from offer to close, with a lender preapproval shaping your price range. Expect inspections, an appraisal, and closing costs typically around 2–4% of the purchase price, depending on your loan and location.

Budget and credit basics

Focus on total monthly costs, not just the mortgage. Aim for a debt-to-income ratio near or below 43%, build reserves for surprises, and watch your credit. Many loans work with 620+ scores, while FHA can consider lower. Don’t forget taxes, insurance, and possible HOA dues when stress-testing your budget.

Programs and assistance in NC

The NC Housing Finance Agency may offer down payment assistance through the NC Home Advantage Mortgage, plus potential tax savings via a Mortgage Credit Certificate. USDA can fit rural buyers, and VA serves eligible military borrowers. Income, price limits, and a homebuyer education course often apply.

• Compare at least three lenders and loan types.
• Get fully underwritten preapproval early.
• Tour neighborhoods at different times of day.
• Craft a competitive offer with smart contingencies.
• Negotiate after inspection and appraisal, then prepare to close.